FPA Review Moderation Team, USA

We haven't tried a forex trading account with Oanda.com. If you've traded forex with this broker, please leave a review here.

Quan Trinh, MO, USA

Rating:

Date of Post:

2015-02-18

Review:

This broker sucks. I'm Vietnamese American based in US. I was trying to apply for real account last 3 weeks and submit all required documents to verify my account. Because I got Vietnamese name so sometimes my name appear differently on different paper. Some paper I have my full name but in some paper there is no middle name in it. After scanning all my documents for 1 week they said it is not acceptable and need more proof of identity from me. I did send them all documents that have my name on it likes driver license, utility bill, internet bill,... and wait. One more week, no answer from them. Then I tried to contact them thru live chat. The lady confirm that Oanda has already received all documents and will process soon and ask me to wait! Until today, which means one more week and I still get no reply! COntact them thru livechat and again and one more time they asked me to wait. Sorry, no thanks. I will move on to the next broker!

joe, boston , USA

Rating:

Date of Post:

2015-02-18

Review:

Terrible! i am 8 pips in profit but my balance is still negative! the spreads are insane! no scalping here.....

one trade went 12 pips in profit and 12 pips the other way to stop me out.... thumbs down!

Diana Koh, , Singapore

Rating:

Date of Post:

2015-01-16

Review:

I have been with Oanda for the pass 6 years. They are not perfect. After how they handled CHF disaster Jan 15 2015. I know I am going to be with them for life..

OANDA demonstrated its ongoing commitment to doing right by its clients. Despite suffering losses and vanishing liquidity in the institutional hedging market, OANDA remained true to its 14-year legacy of transparency, integrity and fairness to our clients.

OANDA did not re-quote or amend any CHF cross client trades. We even took the further step of forgiving all negative client balances that were caused when clients could not close out their positions fast enough (where permitted by regulations).

Thanks for having our back when we need it the most.

Dave, utah, USA

Rating:

Date of Post:

2015-01-15

Review:

I have been trading with oanda for 6 months. Working my tail off to try and make it in the forex market. For a while I was making money. My account increased by 10 percent! Then some weird and unexpected things started to happen. I would place a trade only to see the price action switch and grab my stop loss. This happened so many times I thought there was something wrong with me. But I then took a look at some of the things on youtube about market makers and found that market makers work with brokers. I found that usually brokers and market makers work together on a daily basis, but not for long term trading. So I started trading long term thinking that I wouldn't get caught by Oandas market maker. On January 14 the chf/jpy took a record move long and Oanda claims that the banks would not communicate with them at this time because of chaos in market volitility. I lost 9000 pips more than I was supposed to. They wiped out more than one third of my account. I called in. I asked to speak to a manager and a supervisor. After a lot of talking the manager admitted that the only way Oanda has a chance of making money is by being a market maker. Totally admitted it! I felt like throwing up. If you want to keep your money than find a broker that is not a market maker. Dig deep and make sure it is true. If you don't want your stupid money go with Oanda. I will be looking into this further to see if I can get some of this money back.

bfxt, Sydney, Australia

Rating:

Date of Post:

2015-01-12

Review:

BEWARE: OANDA FREEZES CC DEPOSITS WITHOUT GROUNDS
Tried to fund my OANDA account with a credit card deposit of $1500. The transaction was declined by OANDA, so I checked my card details and tried again for the same amount. Again it was declined. I then checked my bank account, only to find that OANDA had indeed received $1500 twice! So OANDA is now holding $3000 of my money which they supposedly declined (my account has NOT been funded). After contacting OANDA, I was told that the funds were frozen awaiting an investigation due to an address mismatch. I withdrew funds from OANDA not too long ago, so there is no address mismatch. I trade with a number of different brokers and have never had issues such as this. I'm completely done with OANDA!

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KJ Boggs, London, United Kingdom

Rating:

Date of Post:

2015-01-06

Review:

USD/CAD spread on a normal day with Oanda is below 2% until there's a news event that increases volume and volitility where they will suddenly increase the spread to 8 or 9%. They're Market Makers and don't play fair.

sam, canada, Canada

Rating:

Date of Post:

2014-12-02

Review:

I dont usually leave review.but I have too. Oanda is not a good broker. They trade against his client. They arent what they are supposed to claim. Dont waste your time here and go find a real ecn professional broker.

Wang Xingui, BeiJing, China

Rating:

Date of Post:

2014-10-05

Review:

if open account not hard，I will get it 5 star. But it's very hard(I'm in China),so I give it 4 star.As a forex broker, I like it.
customer service is not very good, need fill a lot of information.

Robert, Oklahoma, USA

Rating:

Date of Post:

2014-05-18

Review:

I have traded with Oanda many years. They just widened the AUDNZD spread by 32 pips, no news, no reason and stopped me out. I do not like them so much anymore.

Risk Warning. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all
investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in
foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you
should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign
exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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